South Africa’s Peach Payments lands $31m Series A funding

Founded in 2012 and based in Cape Town, Peach Payments offers a payments gateway to enable secure transactions for businesses and consumers in Africa. The company expanded its operations to Kenya in 2018 and Mauritius in 2021.

Through its infrastructure, merchants can accept, manage and make payments via mobile and web. It supports a range of payment types including cards, electronic funds transfer, digital wallets, mobile money and buy now, pay later (BNPL), among others.

With the new investment, Peach Payments plans to expand across new markets in Africa and strengthen its product offering.

Co-founder and CEO Rahul Jain says the firm’s mission is “to enable African businesses and entrepreneurs to succeed in digital commerce”.

“We want to be the infrastructure layer they build their business on. This was our original vision when we started, and is more relevant today than ever,” he adds.

The company claims to have seen a 650% increase in revenue since 2020, with an 80% increase in 2022 alone, having onboarded clients “in almost every vertical”.

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